Huobi Token Price Summaries
Huobi Token’s price today is US$5.13, with a 24-hour trading volume of $17.35 M. HT is -5.17% in the last 24 hours. It is currently -10.65% from its 7-day all-time high of $5.74, and 18.64% from its 7-day all-time low of $4.33. HT has a circulating supply of 153.17 M HT and a max supply of 500 M HT.
What is Huobi Token?
Huobi Global exchange allows users to buy, sell, stake, and borrow a broad range of cryptocurrencies, encompassing a comprehensive ecosystem for experienced crypto traders and investors. The Huobi Token (HT) is the primary medium of exchange and native asset on the Huobi Global cryptocurrency exchange.
A brief history of Huobi Token
Former Oracle computer engineer Leon Li launched Huobi in 2013. Since then, it has grown to include public chains, digital asset wallets and trade, mining pools, private investments, incubation, and research. Huobi introduced its own cryptocurrency, Huobi Token (HT), in 2018 and went public in Hong Kong.
One point is equivalent to one Tether, and “point cards,” which are prepaid cards for essential Huobi services, were used to distribute Huobi Token (HT) (USDT). Consumers can save money by holding HT thanks to a tiered system that reduces trading and margin expenses. Huobi introduced its rival platform Huobi Prime in March 2019, following Binance, which had started facilitating direct token sales via its initial exchange offering (IEO) launchpad.
Jump Capital, a U.S. company, has a significant stake in HT. 60% of the tokens used to launch HT were given away by Huobi to users who purchased prepaid services on the platform. It wasn’t a formal token sale, but it had the appearance of one because clients who paid the exchange received tokens. 40% of the tokens were used to cover operating costs, team bonuses, and user rewards.
There are 500 million HT tokens overall, of which 100 million are set aside for platform operations and user incentives. A total of 300 million tokens were allocated for users to buy reward cards, while 100 million tokens were set aside as incentives for the Huobi team.
In order to progressively reduce the overall quantity of HT tokens, Huobi has created a token burn scheme.
How Huobi Token works
The Huobi Eco Chain, which houses DeFi products like decentralised lending and borrowing sites, contains HT as one of its components. By providing possibilities to access new cryptocurrencies, reduce trading costs, and cast a vote on platform choices, it seeks to enhance the Huobi Exchange user experience. By deploying HT, an ERC-20 token on the Ethereum network, exchange customers may get instant advantages from the platform’s long-term success.
What is Huobi Token used for?
HT offers a few special advantages to Huobi users, but its main purpose is to maintain the efficiency of Huobi’s central exchange. Huobi used HT as a tool to take on Binance and its native BNB cryptocurrency. HT wants to act as a standard form of payment for the whole Huobi ecosystem. The token is frequently used in corporate payments as well as over-the-counter (OTC) trading.
Promotional airdrops are facilitated by HT, and HT holders get rewards in the form of HT whenever the exchange lists new crypto assets on its market. These prizes are given out by Huobi primarily to reward holders and to advertise the newly listed currency on the marketplace. Also possible is a wallet incentive for holders.
A fund for investor protection also receives a portion of the tokens the exchange buys in order to make up for any financial losses. To put it another way, the exchange has established a fund from which it will be able to draw funds to make up for any losses incurred by traders and investors as a result of dishonest actors, system failure, etc.
